According to reports, the EU now expects a 10% “reciprocal” tariff to be the starting point for an US-EU trade deal. The FT reported on Thursday that the EU is pushing for a deal modeled on the US-UK agreement, which did leave the baseline levy in place. Trump has threatened tariffs of up to 50% on EU imports after various tariff “pauses” lapse July 9.

Elsewhere this week, Trump said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, calling the country’s negotiators “tough.”

Meanwhile, in Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum after Trump ballooned US levies to 50%. At the G7 this week, Trump and Carney both expressed optimism on a trade deal between the countries.

The furious push follows Trump’s recent warning that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his “Liberation Day” tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.

Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady this week that the Fed is still waiting to see the effects of the tariffs on prices.

“We’re beginning to see some effects, and we do expect to see more of them over the coming months,” he said.

He said the Fed needs more data, saying “the pass-through of tariffs to consumer price inflation is a whole process that’s very uncertain.”

Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump’s most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1225 updates

According to reports, the EU now expects a 10% “reciprocal” tariff to be the starting point for an US-EU trade deal. The FT reported on Thursday that the EU is pushing for a deal modeled on the US-UK agreement, which did leave the baseline levy in place. Trump has threatened tariffs of up to 50% on EU imports after various tariff “pauses” lapse July 9.

Elsewhere this week, Trump said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, calling the country’s negotiators “tough.”

Meanwhile, in Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum after Trump ballooned US levies to 50%. At the G7 this week, Trump and Carney both expressed optimism on a trade deal between the countries.

The furious push follows Trump’s recent warning that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his “Liberation Day” tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.

Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady this week that the Fed is still waiting to see the effects of the tariffs on prices.

“We’re beginning to see some effects, and we do expect to see more of them over the coming months,” he said.

He said the Fed needs more data, saying “the pass-through of tariffs to consumer price inflation is a whole process that’s very uncertain.”

Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump’s most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1225 updates

According to reports, the EU now expects a 10% “reciprocal” tariff to be the starting point for an US-EU trade deal. The FT reported on Thursday that the EU is pushing for a deal modeled on the US-UK agreement, which did leave the baseline levy in place. Trump has threatened tariffs of up to 50% on EU imports after various tariff “pauses” lapse July 9.

Elsewhere this week, Trump said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, calling the country’s negotiators “tough.”

Meanwhile, in Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum after Trump ballooned US levies to 50%. At the G7 this week, Trump and Carney both expressed optimism on a trade deal between the countries.

The furious push follows Trump’s recent warning that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his “Liberation Day” tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.

Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady this week that the Fed is still waiting to see the effects of the tariffs on prices.

“We’re beginning to see some effects, and we do expect to see more of them over the coming months,” he said.

He said the Fed needs more data, saying “the pass-through of tariffs to consumer price inflation is a whole process that’s very uncertain.”

Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump’s most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1225 updates

According to reports, the EU now expects a 10% “reciprocal” tariff to be the starting point for an US-EU trade deal. The FT reported on Thursday that the EU is pushing for a deal modeled on the US-UK agreement, which did leave the baseline levy in place. Trump has threatened tariffs of up to 50% on EU imports after various tariff “pauses” lapse July 9.

Elsewhere this week, Trump said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, calling the country’s negotiators “tough.”

Meanwhile, in Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum after Trump ballooned US levies to 50%. At the G7 this week, Trump and Carney both expressed optimism on a trade deal between the countries.

The furious push follows Trump’s recent warning that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his “Liberation Day” tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.

Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady this week that the Fed is still waiting to see the effects of the tariffs on prices.

“We’re beginning to see some effects, and we do expect to see more of them over the coming months,” he said.

He said the Fed needs more data, saying “the pass-through of tariffs to consumer price inflation is a whole process that’s very uncertain.”

Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump’s most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1225 updates

According to reports, the EU now expects a 10% “reciprocal” tariff to be the starting point for an US-EU trade deal. The FT reported on Thursday that the EU is pushing for a deal modeled on the US-UK agreement, which did leave the baseline levy in place. Trump has threatened tariffs of up to 50% on EU imports after various tariff “pauses” lapse July 9.

Elsewhere this week, Trump said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, calling the country’s negotiators “tough.”

Meanwhile, in Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum after Trump ballooned US levies to 50%. At the G7 this week, Trump and Carney both expressed optimism on a trade deal between the countries.

The furious push follows Trump’s recent warning that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his “Liberation Day” tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.

Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady this week that the Fed is still waiting to see the effects of the tariffs on prices.

“We’re beginning to see some effects, and we do expect to see more of them over the coming months,” he said.

He said the Fed needs more data, saying “the pass-through of tariffs to consumer price inflation is a whole process that’s very uncertain.”

Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump’s most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1225 updates